Update 16.09.09: See the judgement of the ITAT Special Bench in M/s Concept Creations vs. ACIT (ITAT Delhi Special Bench).

See: Ex-ITAT Members cannot practice before ITAT

Sub: Constitution of Special Bench in ITA No. 3370/Del/2009 in the case of M/S Concept Creations, Panipat – VS – Addl. CIT, Range, Panipat (Assit. Year: 2005-06)
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As per order of the Hon’ble President, ITAT dated 10.07.09, the above case will be heard by a Special bench comprising of Shri G.E. Veerabhadrappa, V.P. (DZ), Shri C.L. Sethi, JM and Shri K.D. Ranjan, AM to hear and dispose of the questions on the following points:

1. “Whether, the said Notification (Notification No. GSR 389E dated 03.06.2009) applies to the Members who have retired prior to the date of publication of the Notification?

 

2. Whether, the said Notification applies only to the Members who retired from the Tribunal on and from the date of publication of his Notification?

 

3. Whether, the said Notification applies to those Members who are recruited before but retire after the date of Notification?

 

4. Whether, the said Notification applies to the Members who retire, if otherwise are qualified to practice u/s. 288 of the Income-Tax Act, should still be debarred to appear and argue before the Tribunal?

 

5. Whether, the said Notification applies to the Members who resigned from service before the date of Notification, without any retirement benefit?

 

(ii) The above Special Bench case will be heard by Income Tax Appellate Tribunal, Delhi Benches, New Delhi, on 03.08.2009.

Update 11 Sept 2009: The judgement in CIT vs. Techno Shares & Stocks (Bombay High Court) is now available.

Hon’ble Mr. Justice V. C. Daga and Hon’ble Mr. Justice J. P. Devadhar of Bombay High Court will be hearing the group matters on Monday, 27th July, 2009 on the issue of availability of depreciation on Stock Exchange Card at Court Room No. 53 (2nd Floor).

The questions referred in CIT vs. M/s. J. M. Morgan Stanley fixed Income Securities Ltd., ITXAL/263/07 is as under:-

“The substantial question of law arises in the present appeal is regarding the correct interpretation of section 32 and other sections of the Income tax Act, 1961 and whether in the fats and circumstances of the case and in law, the Hon’ble Tribunal is right in holding that the depreciation is allowable on the National Stock Exchange membership card held by the assessee if the card was acquired after 1-4-1998.”

The advocates who desire to argue and make representation on the above issue may inform the associate of High Court and also forward the case numbers.

A list of cases (provided by the department’s counsel) which will be posted for hearing can be downloaded here.

  list of cases of depreciation on stock exchange card (836.2 KiB, 1,170 hits)

The following two Orders are available:

  Order No. 95 of 2009 dated 11th July 2009 issued by the Ministry of Finance promoting Additional Commissioner /Additional Directors as Commissioner / Director of Income-tax. (354.2 KiB, 1,637 hits)

  Order No. 96 of 2009 dated 11th July 2009 issued by the Ministry of Finance posting / transferring Commissioners / Directors of Income-tax (716.2 KiB, 1,671 hits)

Source: http://irsofficersonline.org

Hon’ble Shri. Tilak Raj Sood, Accountant Member, presently posted at Chennai, has been transferred to the Mumbai Bench with effect from 13.7.2009.

Shri. T. R. Sood is qualified as a B. Com., LL.B., F.C.A. He was practicing as a Chartered Accountant from 1980 to September 2000. He was appointed on 3.10.2000 and has served inter alai in the ITAT Benches of Indore and Chennai.

We wish the Hon’ble Member good luck in his new posting.

Instruction No. 4/2009, dated 30-6-2009

Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within four years from the financial year in which the housing project is approved by the local authority.

2. Clarifications have been sought by various CCsIT on the issue whether the deduction u/s 80-IB(10) would be available on a year to year basis where an assessee is showing profit on partial completion or if it would be available only in the year of completion of the project u/s 80-IB(10).

3. The above issue has been considered by the Board and it is clarified as under:-

(a) The deduction can be claimed on a year to year basis where the assessee is showing profit from partial completion of the project in every year.

(b) In case it is late, found that the condition of completing the project within the specified time limit of 4 years as started in section 80-IB(10) has not been satisfied, the deduction granted to the assessee in the earlier years is should be withdrawn.

4. The above Instruction will override earlier clarififcation on this issue contained in Member(R)’s D.O. letter No. 58/Misc./2008/CIT(IT&CT) dated 29.04.2008 and Member (IT)’s D.O. letter No. 279/Misc./46/08-ITJ dated 2.5.2008.

5. This may kindly be brought to the notice to the notice of the all Assessing Officers in your charge.

Source: Taxmann

See Also: Bhrama Associates vs. JCIT (ITAT Pune Special Bench) and Treatise on the law of Real Estate Development Contracts